The company's shares, which have fallen more than 4% this year, were up 2.4% to $51.98 in premarket trading.

Verizon said it added 398,000 subscribers who pay a monthly bill on a net basis, beating analysts' average estimate of 352,000 subscribers, according to Thomson Reuters I/B/E/S.

The company has been investing heavily in building its 5G network and plans to roll out the service in three to five US markets in 2018. Verizon also named its chief technology officer, Hans Vestberg, as its new chief executive beginning August 1, in a move many analysts said signaled the company's focus on the network.

Net income attributable to Verizon fell to $4.12 billion, or $1 a share, in the second quarter ended June 30, from $4.36 billion, or $1.07 a share, a year earlier.

Total operating revenue rose to $32.20 billion from $30.55 billion a year ago, above estimates of $31.78 billion.

On an adjusted basis, the company earned $1.20 a share, beating analysts' estimates of $1.14 a share.

(Reporting by Vibhuti Sharma in Bengaluru and Sheila Dang in New York; Editing by Bernard Orr)